High-end gathering at Trump's cryptocurrency event: Tuxedos, luxury vehicles, and a retired basketball player in attendance
In Sterling, Virginia, President Donald Trump hosted a private event for 220 investors of his meme coin, $TRUMP, on Thursday night. The gathering at Trump National Golf Club occurred against the backdrop of bipartisan concerns from lawmakers that Trump was exploiting his position for personal financial gain.
Attendees at the dinner, which included former NBA star Lamar Odom, flocked to Trump National Golf Club in northern Virginia, near Washington. Approximately 100 protesters lined the road, voicing disapproval with chants like "Trump is a traitor" and "America is not for sale." Odom, known for his time with the Los Angeles Lakers, walked past the demonstrators with an umbrella. Others arrived in luxury vehicles and wore formal attire for the "black-tie optional" event.
To qualify for attendance, the mostly unidentified participants had to possess the top 220 holdings of the $TRUMP coin, with an average investment of $1.8 million per attendee, according to blockchain analytics firm Nansen.
The Trump Organization, managed by Trump's sons while he maintains a majority ownership, controls 80% of the $TRUMP coin project. Although the companies are temporarily restricted from selling the coin, creators receive a fee for each transaction. Since January, these fees have amounted to more than $324 million, according to research firm Chainalysis. The exact amount transferred to Trump personally remains unknown.
Ken Papaj, a former Treasury Department official, joined the protesters voicing outrage, stating, "It's just unconscionable what he's doing."
Critics argue that the coin sales and linked exclusive events signify the selling of political access, raising ethical and legal questions. Senators Jeff Merkley and Chuck Schumer, among others, have proposed legislation to prevent the president, vice president, administration officials, members of Congress, and their families from issuing or sponsoring cryptocurrencies to address such conflicts of interest.
The $TRUMP meme coin has become a contentious source of revenue for the Trump family, with sales directly funding their company and exclusive events tied to coin ownership potentially increasing its desirability and driving further sales. These exclusive events offer perks for investors and serve as opportunities to monetize access to the former president. The upcoming dinner on May 22 and private VIP reception for the top 25 investors are examples of these perks.
The blend of cryptocurrency sales and political influence through exclusive events raises novel and controversial ethics and legal issues concerning the sale of political access and profiting from the office.
- Celebrities, such as former NBA star Lamar Odom, were among the attendees at a black-tie optional event for investors of the $TRUMP meme coin, hosted by President Donald Trump.
- The $TRUMP meme coin, a contentious source of revenue for the Trump family, has raised ethical and legal questions due to its sales and the exclusive events tied to coin ownership.
- In Sterling, Virginia, protests erupted against President Trump as he hosted a private dinner for $TRUMP coin investors, with critics claimimg the events potentially sold political access.
- Senators Jeff Merkley and Chuck Schumer are among those proposing legislation to prevent politicians from issuing or sponsoring cryptocurrencies to address conflicts of interest, such as those seen with the $TRUMP coin.
